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Any mortgage on the property or properties must be paid off as part of the process, and then the additional funds will be paid into your account.
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Lifetime mortgages are one of the most popular types of products because they offer flexibility and tax-free cash.
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The youngest applicant needs to be at least 55 years old for lifetime mortgages and 65 for home reversion plans.
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A feature of lifetime mortgages which allows you to repay upto 10%-15% of the initial amount borrowed per annum.
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